Buried in pandemic aid: $200 billion in tax cuts, largely for the richest. Latest by @lukebroadwater @rebeccaruiz and me: nytimes.com/2020/12/22/us/…
The CARES Act explicitly said that PPP loans were not taxable income -- but now Congress is letting recipients take tax deductions for spending those funds. This violates Tax 101 ...
Adam Looney, of @BrookingsInst, estimates this is a $200 billion tax break -- $120 billion of which will go to the richest 1 percent of Americans: brookings.edu/opinions/congr…
“High-income business owners have had tax benefits and unprecedented government grants showered down upon then. And the scale is massive."
“2020 is going to be one of the most unequal years in modern history. Part of the inequity is ... Covid, which hammered service sectors the most and allowed rich, educated people to work on Zoom. But the government totally compounded these inequities with their response.”
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